Print is currently the principal medium for luxury advertising globally, accounting for 32.7 per cent of adspend in 2016, compared to 31.3 per cent for television and 25.8 per cent for Internet advertising. However, almost all new luxury advertising goes to internet advertising – and is forecast to account for 87 per cent of adspend growth between 2016 and 2018.
This is according to the new edition of Zenith’s Luxury Advertising Expenditure Forecasts. By 2018 Zenith forecasts the Internet to be the biggest advertising medium for luxury, accounting for 30.6 per cent of adspend, compared to 29.9 per cent for television and 29.7 per cent for print.
Print will nevertheless remain much more important to luxury than for the ad market as whole: 13.8 per cent of adspend across all categories will go to print in 2018, down from 16.7 per cent in 2016.
“The ascent of Internet advertising can be largely attributed to broad luxury advertisers; high luxury is overwhelmingly print-based, and will remain so for the foreseeable future. 73 per cent of all high luxury adspend went to print in 2016, and we expect 70 per cent to go to print in 2018,” it said.
“Luxury advertisers are having to respond to consumers’ changing expectations,” said Zenith’s global brand president, Vittorio Bonori. “Consumers are now looking for luxury experiences that are personal and relevant to them, and targeted brand communication is central to creating this extra brand value.”